Financial tips for those in New York contemplating divorce

Posted By Michael R. Varble & Associates, P.C. || 4-Jan-2013

As many in New York can attest, it's not always easy to decide to end a marriage. For some, it can be an all-consuming process to come to the decision to divorce. Once the decision is made, many people are left wondering what they should do next.

Not surprisingly, one of the biggest parts of a divorce involves finances. Therefore, one of the first steps a person should take after deciding to end their marriage is to gather copies of all of the financial documents for all of the couple's accounts, whether joint or individual. The documents needed include, but are not limited to, bank statements, credit card statements, insurance policies and statements, retirement accounts, and any other accounts the couple may have during the marriage.

Once all of these materials have been gathered and these initial actions have been taken, talking to a financial adviser may help. As part of this process, obtaining a current credit report can be helpful to identify and track accounts. If the couple only has joint deposit accounts, it may be a good idea to open an individual deposit account and possibly obtain an individual credit card.

Having everything together regarding finances during the marriage and finances after the divorce may help make the financial transition smoother and less painful. It's never easy losing a significant portion of household income, which is what happens when a couple gets divorced. Even with alimony and child support, there are no guarantees. When a spouse is ready to move forward and file for divorce, it may be a good idea to seek advice and assistance with the procedures and documentation that are required under New York law.

Source: Forbes.com, "Five Best Financial Tips for Women Divorcing in 2013," Jeff Landers, Dec. 18, 2012

Categories: Divorce

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